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Auditor’s Quarterly Financial Report The County Auditor is required to prepare a quarterly report of the financial operations of the County which is presented to the County Board. In accordance with State Statute, the report summarizes “the entire financial operations of the county including revenues anticipated and received, expenditures estimated and paid, obligations unpaid, the condition of all funds and appropriations and other pertinent information. ” 2
Countywide Funds Governmental Funds Countywide Funds Proprietary Funds 3
Countywide Funds (as of August 31, 2020) ANNUAL BUDGET YEAR-TO-DATE COUNTYWIDE FUNDS Revenues $ 355,618,542 221,328,683 Expenditures & Encumbrances 368,748,542 232,575,759 Excess/(Deficiency) Revenues over Expenditures (13,130,000) (11,247,076) Other Financing & Net Transfers In/(Out) 13,130,000 13,130,000 Less: Encumbrances Included Above 75,730,239 Net Change in Countywide Funds Balance 77,613,163 Countywide Funds Balance, Beginning of Year 267,154,857 Countywide Funds Balance, End of Quarter $ 344,768,020 4
Countywide Funds (as of August 31, 2020) Enterprise Surcharge Fund $5,282,988 Enterprise General Fund $3,203,429 Governmental Funds Health Insurance $331,116,078 Fund $3,335,076 5
Governmental Funds General Fund Special Revenue Funds Governmental Funds Debt Service Funds Capital Projects Funds Permanent Working Cash Fund 6
Governmental Funds (as of August 31, 2020) ANNUAL BUDGET YEAR-TO-DATE GOVERNMENTAL FUNDS Revenues $ 336,096,505 208,820,252 Expenditures & Encumbrances 349,114,505 219,496,592 Excess/(Deficiency) Revenues over Expenditures (13,018,000) (10,676,340) Other Financing & Net Transfers In/(Out) 13,108,000 13,018,000 Less: Encumbrances Included Above 75,242,654 Net Change in Governmental Funds Balance 77,584,314 Governmental Funds Balance, Beginning of Year 253,531,764 Governmental Funds Balance, End of Quarter $ 331,116,078 7
Governmental Funds (as of August, 2020) Major Special Revenue Funds $38,564,830 General Fund Nonmajor Special $50,443,078 Revenue Funds $193,162,652 Permanent Working Cash Fund $3,335,075 Capital Project Funds $32,730,155 Debt Service Funds $12,880,288 8
Special Revenue Funds As a direct result of our April 2017 internal audit of Agency Funds, there are nineteen funds which are now properly reclassified as Special Revenue Funds in accordance with GASB. More importantly, those funds are now a part of the financial reporting/budgeting process, and their activities have become more transparent. Altogether they represent nearly $1.3M of the Special Revenue Funds balance as of August 31, 2020. Through the third fiscal quarter these accounts now have handled over $1.1M in revenues and almost $1.4M in expenditures which had been “under - reported” prior to the implementation of the audit recommendations. In addition to complying with GAAP, we have also enhanced our transparency. 9
Governmental Funds (as of August 31, 2020) Total (Unaudited) $350,000,000 $331,116,078 The Coronavirus Relief Fund $93,103,284 is classified as restricted, and included in $300,000,000 the middle column. $250,000,000 Non-spendable, Restricted, Committed, $200,000,000 Assigned (Unaudited) $150,000,000 $303,403,784 $100,000,000 Unassigned (Unaudited) $50,000,000 $27,712,294 $0 10
Governmental Funds (Ten Year History) $60 $55.009 $54.587 $54.586 $54.570 $54.571 $54.571 $55.030 $55.636 $56.219 $56.758 Other Funds Combined (Includes Mill Creek) $50 Capital Improvement Debt Service Fund County Health Fund $40 Millions County Highway Fund $30 Social Security Fund IMRF Fund $20 $31.866 $31.863 $31.471 $33.012 $33.012 $33.012 $33.360 $34.043 $34.828 $33.026 Insurance Liability Fund $10 General Fund Kane County Aggregate $0 Property Tax Levy 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 11 Levies Extended by Tax Year
General Fund General Fund Special Reserve Emergency Reserve PP Tax Freeze General Fund SAO Domestic Violence Economic Development Cost Share Drainage Public Building Commission 12
General Fund (as of August 31, 2020) ANNUAL BUDGET YEAR-TO-DATE GENERAL FUND Revenues $ 93,703,347 51,123,713 Expenditures & Encumbrances 89,376,885 61,814,930 Excess/(Deficiency) Revenues over Expenditures 4,326,462 (10,691,217) Other Financing & Net Transfers In/(Out) (4,326,462) (4,467,213) Less: Encumbrances Included Above 308,434 Net Change in General Fund Balance (14,849,996) General Fund Balance, Beginning of Year 65,293,074 General Fund Balance, End of Quarter $ 50,443,078 13
General Fund Revenues – Through Third Quarter $60 $50 $5.6 $5.6 $6.3 $7.5 $5.6 General Fund Revenue in Millions $4.5 $10.0 All other $9.3 $40 $9.0 $9.5 $10.2 $9.4 Charges for Services Grants $30 Licenses and Permits $16.1 $16.5 $16.6 $15.4 $14.4 $13.9 Other Taxes Property Taxes $20 $18.0 $10 $19.0 $18.7 $18.0 $18.0 $17.7 $0 2015 2016 2017 2018 2019 2020 14
General Fund Balance – Quarterly Comparison 5 Year History $70 $65.293 $65 General Fund Balance in Millions $60 2020 $50.443 $51.847 2019 $55 2018 2017 $50 $44.089 2016 2015 $45 $40 $35 $30 Beginning of Year 1st Quarter 2nd Quarter 3rd Quarter End of Year 15
General Fund (as of August 31, 2020) Special Reserve Fund $6,666 Emergency Reserve Fund $5,206,953 PP Tax Freeze Protection Fund General Fund $2,898,605 $40,332,271 SAO Domestic Violence Fund $382,762 Economic Development Fund $199,845 Cost Share Drainage Fund $305,535 Public Building Commission Fund $1,110,441 16
General Obligation Bonds Series 2004 Outstanding General GO Refunding Series 2010 Obligation Bonds GO Alt Revenue Series 2013 GO Refunding 17
Bonds Outstanding – Issued Fiscal Year 2004 In 2004 the County issued $26,785,000 of General Obligation Bonds – Series 2004 for the purpose of refunding various debt instruments. These bonds were used to refund previously issued bonds, including those used to finance the construction of the Orchard Road project. Semi-annual interest is paid at 5.25%. This series is scheduled to be retired in fiscal 2021. 18
Bonds Outstanding – Issued Fiscal Year 2011 In December 2010 the County issued an additional $7,670,000 in “Build America Bonds” as authorized under the American Recovery and Reinvestment Act of 2009. The act provides for a Federal subsidy through a refundable tax credit to be paid to the County equal to 45% of the total interest paid to investors. These bonds were designated as Recovery Zone Economic Development Bonds. Principal and interest payments come from the Recovery Zone Bond Debt Service Fund. Semi-annual interest is paid at rates ranging from 1.15% to 6.55%. This series is scheduled to be fully retired in 2031. 19
Bonds Outstanding – Issued Fiscal Year 2013 In April 2013 the County issued $27,225,000 of General Obligation Bonds – Series 2013 for the purpose of refunding various debt instruments which carried higher interest rates to reduce the overall interest expense to the County. The remaining principal balance of approximately $2,320,000 in Series 2002 G.O. Bonds was fully refunded. Additionally, partial refunding of approximately $5,795,000 in Series 2005 Debt Certificates, and $19,620,000 in Series 2006 Debt Certificates was made through the Series 2013 issue. Interest between 2.00% and 3.00% is paid on a semi-annual basis. This series is scheduled to be fully retired in 2024. 20
Bonds Outstanding – Issued Fiscal Year 2020 In June 2020 the County issued $13,130,000 of General Obligation Bonds (Alternate Revenue Source) – Series 2020 for the purpose of building a multi use facility on the Government Campus. Interest at 1.54% is paid on a semi-annual basis beginning December 15, 2020. The first of five annual principal installments is scheduled for December 15, 2025. This series is scheduled to be fully retired on December 15, 2029. 21
General Obligation Bonds & Debt Certificates Payable Ten Year History of Outstanding Indebtedness at Year End $120 Series 2020 Series 2013 $100 $7.670 Series 2011 Series 2010 $7.060 $80 Series 2009B Millions Series 2009A $27.225 Series 2007 $60 Series 2006 $26.180 $6.445 Series 2005 $40 Series 2004 $24.835 $5.815 $22.320 Series 2002 $20.480 $13.130 $18.500 $20 $5.170 Series 2001 $4.510 $26.695 $16.365 $24.585 $3.830 $14.070 $22.370 $3.125 $20.045 Series 1995 $17.600 $15.025 $2.400 $12.320 $9.470 $1.650 $6.475 $3.320 Total Indebtedness $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 22
General Obligation Bonds & Debt Certificates Payable Ten Year Summary of Issuance & Retirement $120 $103.030 $100 $90.115 $75.825 $80 $61.325 Iss ssued Millions Iss ssued $2 $27.2 7.225 25 M $60 $1 $13.1 3.130 30M GO Refunding Bonds $47.605 GO Bonds $41.855 $36.630 $32.170 $40 $31.095 Iss ssued $7 $7.67 .67 M $25.240 Alt Rev Bonds Alt $20 Iss ssued $1 $1.96 .96 M GO Bonds $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 General Obligation Bonds and Debt Certificates Payable Balance Additions Retirements Refunding 23 23
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